Reserve Bank of the Philippines to Continue Working on its Central Bank Digital Currency
Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency.
Diokno believes that digital tokens can help reduce the costs associated with providing certain financial services. They might also help the country’s reserve bank with reducing the use of fiat money, the governor stated.